Glossary · The loan itself
In short
These are the costs for attorneys involved in drafting and reviewing loan documents and closing the acquisition. Both the lender and you will incur legal fees.
Expect to pay for the lender's attorney, whose fees are typically passed through as a closing cost. You'll also have your own attorney's fees for reviewing the purchase agreement and loan documents. Budget for these costs as they are essential to properly document and close an SBA 7(a) acquisition.
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
SOP 50 10 — Lender and Development Company Loan Programs
U.S. Small Business Administration · SBA Standard Operating Procedure
Last checked 2026-06-15. Official sources control — verify before relying on any rule for a live deal.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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